Cheklist for Statutory Audit Documentation

Statutory Audit Documentation

Checklist for documents to be obtained before starting Statutory Audit Performing a statutory audit involves a thorough examination of a company’s financial records and statements to ensure accuracy, compliance with relevant laws and regulations, accounting standards, and transparency in reporting. Documentation is a crucial aspect of the audit process, as it provides evidence of transactions, … Read more

Accounting Standards

What is Accounting Standard? The Institute of Chartered Accountants of India (ICAI) issues a set of guidelines known as Accounting Standards (AS) to establish uniformity and consistency in the preparation and presentation of financial statements by companies in India. These standards provide a framework for accounting policies, measurement, presentation, and disclosure of various financial transactions … Read more

Reporting on Internal Financial Control (IFC) in Audit Report

Internal financial control (IFC) reporting as per section 143(3)(i) of the Companies Act, 2013 Section 143(3)(i) of the Companies Act, 2013, pertains to the statutory auditor’s responsibility to include a statement in their audit report regarding the adequacy and effectiveness of the company’s internal financial controls (IFC). The section reads as follows: “(3) The auditor’s … Read more